China Raises Rare Earth Production Quota (MCP)
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China announced today that it will raise the production quota for rare earth minerals this years, but didn't signal it would cut exports, according to reports Thursday from the Associated Press.
The production quota this year will rise 5 percent over 2010 to 93,800 tons, China's Ministry of Land and Resources said.
China did not mention if it would alter plans to reduce export quotas for the first half of this year by about 11 percent.
The price of rare earth metals have surged on the supply/demand imbalance and as China cut exports.
This news could have a negative impact on Molycorp, Inc. (NYSE: MCP) and other rare earth stocks like Rare Element Resources Ltd. (NYSE: REE) and Avalon Rare Metals, Inc. Ordina (NYSE: AVL) in Thursday U.S. trading.
The production quota this year will rise 5 percent over 2010 to 93,800 tons, China's Ministry of Land and Resources said.
China did not mention if it would alter plans to reduce export quotas for the first half of this year by about 11 percent.
The price of rare earth metals have surged on the supply/demand imbalance and as China cut exports.
This news could have a negative impact on Molycorp, Inc. (NYSE: MCP) and other rare earth stocks like Rare Element Resources Ltd. (NYSE: REE) and Avalon Rare Metals, Inc. Ordina (NYSE: AVL) in Thursday U.S. trading.
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